If you decide to settle down in Florida, the Sunshine State, this is one of many ways to ensure that your estate planning is most effective
If you decide to settle down in Florida, the Sunshine State, this is one of many ways to ensure that your estate planning is most effective. Many people choose to retire and relocate to Florida for many reasons. One, the weather is beautiful. Two, people love Florida’s culture and how it brings about ultimate relaxation. Then, there is the fact that Florida doesn’t have state taxes. Domicile planning in Florida is a strategic move that Millman Law Group can walk you through. Here are some of the top estate planning advantages of relocating to the Sunshine State.
Say “Goodbye” to State Income or Estate Taxes
If you love the idea of paying low taxes, the Sunshine State has much to offer. Only seven states have no state-level income taxes, including Florida. Your salary can look a lot more substantial without state income tax withholding. With that in mind, of course, the IRS still wants its money. Florida does have sales and hospital taxes. However, not needing to worry about a state tax is reason enough to consider a relocation. In addition, Florida also doesn’t have any estate or inheritance taxes. Qualifying Florida estates still owe at the federal level. However, you can still preserve more wealth than in most other states.
Estate Planning and the Florida Homestead Act
The Florida Homestead Act, built into the state’s constitution, inhibits creditors from attaching real estate that qualifies as a “homestead” under the law. In other words, creditors can’t force the sale of a homestead to satisfy an involuntary lien. Florida homesteads even have protection from liquidation in bankruptcy. Most states have homestead exemptions. However, what makes Florida unique is that its exemptions are uncapped with no limit on the value of a protected property.
Special Protections for Married Couples
Under Florida law, there is a “right of survivorship” clause related to estates co-owned by married couples under conditions assumed to be owned as tenants by the entirety. The tenancy by entirety laws in Florida offers some beneficial wealth management features. For example, if one estate owner passes away, the other owner receives full entitlement to the asset without the need for a Florida probate. In addition, if the tenants hold an asset entirely, creditors of only one spouse cannot attach it.
Many states provide the tenancy by the entirety model regarding real estate. However, the Sunshine State allows this advantage for most asset types, including land, personal property, financial accounts, and intellectual property.
If you’re already a South Floridian, you can take advantage of these benefits by hiring the best estate planning firm in South Florida. Otherwise, you might want to add “relocating to Florida” to your to-do list to make the most out of your retirement.
MILLMAN LAW GROUP PLLC MAKES A BIG DIFFERENCE TO AN UNDERSERVED COMMUNITY
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.